Grand Bank shareholders also eligible to participate in Prabhu Bank’s 18th AGM; AGM to endorse 40% right share

Prabhu Bank Limited will be convening its 18^th AGM at their head office in Babarmahal, Kathmandu on Poush 8, 2073. The AGM will be endorsing 10:4 (40%) right shares after which the paid-up capital of the bank will reach to Rs. 8.23 arba from the current Rs. 5.88 arba. Only those shareholders holding shares of Prabhu Bank and Grand Bank till Ashwin 18 can participate in the meeting. Shareholders of Grand Bank Limited who do not hold shares of Prabhu Bank will also be able to participate in the AGM, but are subjected to the ratio 100:65.58. Mr. Amit Bhandari, company secretary of Prabhu Bank said, “We have yet to receive final comment from CDS regarding the conversion of Grand Bank shares to Prabhu Bank shares. However, Grand Bank shareholders will get Prabhu Bank shares in the ratio of 100:65.58 and are also eligible for the 40% right shares.” “Prabhu’s trading was resumed on Ashwin 17 and 18, and those shareholders can participate in the meeting if their shares were registered before Mangsir 13. Voting and decisions by shareholders of Grand Bank in the AGM will be subjected to the ratio 65.58%”, added Mr. Bhandari. The trading of Prabhu Bank was halted in Nepse since September 30, 2015. It's been a year and the trading of shares of Prabhu Bank was in halt though its merger process with Grand bank had completed and joint operation started on February 12, 2016. Trading of PRVU had resumed for 2 days on Ashwin 17 and 18, but was halted after SEBON intervened. Trading will resume only after all shareholders of Grand Bank Limited receive their due shares of Prabhu Bank.